The United States Department of the Treasury has reached the debt ceiling set by Congress and is calling on Congress to raise it again, Treasury Secretary Janet Yellen said.
In the United States, the limit of the national debt is set by law. There have been no defaults in the history of US federal borrowing, and it is expected that Congress will continue to raise the debt ceiling. As of August 1, 2021, the debt ceiling is $ 22 trillion plus additional borrowings for the period from August 2019 to July 31, 2021, when the ceiling was raised automatically.
The Department of the Treasury addressed the leadership of the Congress with a letter, saying that the Ministry of Finance has begun “extraordinary” measures for temporary borrowing in the absence of a legally approved new limit on the national debt.
“The period of extraordinary measures this year may mean increased uncertainty related to the economic impact of the pandemic. Thus, I respectfully urge Congress to protect the collateral of the full security and credit of the United States and to take action as soon as possible,” Yellen said in the letter.